WebThe Companies Income Tax Act (CITA) ... with electronic or online business within the spheres of Nigeria and having some significant economic presence in Nigeria taxable. ... There is a new section 8 of the VAT Act to cater for the registration of a taxable person upon commencement of business. The penalty for failure to register has been ... WebJan 24, 2024 · The punishment for this offence on conviction is a fine not exceeding N200,000.00 or to imprisonment for a term not exceeding 3 years or to both such fine …
Nigeria: FIRS announces penalty for late filing of tax returns
WebSep 11, 2024 · The Petroleum industry Act (PIA) was officially signed into law on the 16 of August 2024 by the President of Nigeria. The Act provides for legal, governance, regulatory and fiscal framework for the Nigerian Petroleum Industry and development of Host Communities and related matters. It contains 5 Chapters, 319 Sections and, 8 Schedules … WebJun 1, 2024 · It endeavors to review the efficacy of the sanctions in the light of Companies Income Tax Act (CITA), Personal Income Tax (PITA), Petroleum Profits Tax Act (PPTA), … friendship heights dc apartments for rent
Nigeria - Corporate - Taxes on corporate income - PwC
WebJul 17, 2024 · Gross profit rate – 0.5%. Net assets rate – 0.5%. Paid up capital rate – 0.25%. Turnover rate – 0.25%. If the turnover is higher than five hundred thousand Naira, it’s needed to add 0.125% on the turnover excesses. The minimum tax is paid by companies with no taxable profits. WebMar 4, 2024 · with the authors. On 13 of January 2024, the President signed the Finance Act 2024 ('the Act") into law. The implementation of the Act commenced in February 2024, as announced by the Federal Ministry of Finance. The Act amended seven existing tax laws but most of the changes where in the Companies' Income Tax Act (CITA) and Value … WebJul 17, 2024 · One of the easy means deployed by tax and regulatory authorities to remediate default is the imposition of penalty and interest on unremitted taxes/ levies. ... Nigeria. Andersen In Nigeria. About; Our … fayette ohio county fair